DiamondRock Hospitality Co DRH
DiamondRock Hospitality Company is a self-managed and self-administered lodging-focused real estate investment trust ("REIT") that owns a portfolio of premium hotels and resorts. As of December 31, 2025, we owned 35 hotels with 9,595 rooms located in 26 markets in the United States. The markets that we target for ownership are those that we believe align with our strategic objectives, which include those in destination markets with constrained supply trends, those that provide geographic diversity relative to our existing portfolio, and those we consider to have high demand growth potential. Each hotel is positioned to maximize its cash flow and value; accordingly, we choose to operate nearly 40% of our portfolio as an independent hotel and the remainder are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Hilton Worldwide, or IHG Hotels & Resorts).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.13B | $1.07B | $1.00B | $567.1M | $299.5M | $938.1M | $863.7M | $870.0M | $896.6M |
| SG&A | $34.4M | $52.9M | $32.0M | $31.8M | $32.6M | $27.4M | $28.2M | $28.6M | $26.7M | $23.6M |
| Total operating expenses | $957.9M | $1.02B | $925.4M | $839.7M | $723.2M | $668.4M | $684.1M | $733.6M | $730.2M | $739.1M |
| Operating income | — | — | — | — | — | — | — | — | $139.8M | $157.5M |
| Interest expense | $62.8M | $65.5M | $65.1M | $38.3M | $37.0M | $54.0M | $46.6M | $41.0M | $38.5M | $41.7M |
| Pre-tax income | $100.7M | $49.8M | $87.0M | $112.3M | -$192.1M | -$422.5M | $206.2M | $90.9M | $102.1M | $127.2M |
| Income tax | $1.2M | $1.5M | $317.0K | $2.6M | $3.3M | $26.5M | $22.0M | $3.1M | $10.2M | $12.4M |
| Net income | $101.4M | $48.0M | $86.3M | $109.3M | -$194.6M | -$394.4M | $183.5M | $87.8M | $91.9M | $114.8M |
| EPS, basic | 0.44 | 0.18 | 0.36 | 0.47 | -0.96 | -1.97 | 0.91 | 0.43 | 0.46 | 0.57 |
| EPS, diluted | 0.44 | 0.18 | 0.36 | 0.47 | -0.96 | -1.97 | 0.90 | 0.43 | 0.46 | 0.57 |
| Shares, diluted (wtd. avg.) | $208.3M | $211.2M | $212.3M | $213.2M | $212.1M | $201.7M | $202.7M | $206.1M | $201.5M | $201.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $68.1M | $81.4M | $121.6M | $107.2M | $75.5M | $134.8M | $179.8M | $91.6M | $223.8M | $289.2M |
| Property, plant and equipment | $2.60B | $2.63B | $2.76B | $2.75B | $2.65B | $2.82B | $3.03B | $2.94B | $2.69B | $2.65B |
| Other intangibles | — | — | — | — | — | — | $0 | $63.9M | $26.7M | $18.0M |
| Total assets | $3.00B | $3.17B | $3.24B | $3.21B | $2.97B | $3.15B | $3.43B | $3.20B | $3.10B | $3.05B |
| Long-term debt | $1.10B | $1.10B | $1.18B | $1.19B | $1.07B | $1.05B | $1.09B | $978.0M | $937.8M | $920.5M |
| Total liabilities | $1.55B | $1.57B | $1.59B | $1.61B | $1.44B | $1.43B | $1.50B | $1.31B | $1.27B | $1.21B |
| Retained earnings | -$662.2M | -$679.0M | -$649.3M | -$700.7M | -$780.9M | -$576.5M | -$178.9M | -$245.6M | -$229.8M | -$220.6M |
| Total equity | $1.45B | $1.59B | $1.65B | $1.60B | $1.52B | $1.72B | $1.92B | $1.89B | $1.83B | $1.84B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $243.7M | $224.4M | $237.6M | $206.2M | -$2.3M | -$83.7M | $193.3M | $217.6M | $202.0M | $215.5M |
| Depreciation and amortisation | — | — | — | — | — | — | — | $104.5M | $99.1M | $97.4M |
| Stock-based compensation | $7.4M | $12.0M | $8.8M | $7.8M | $8.7M | $7.2M | $6.4M | $5.6M | $6.2M | $5.3M |
| Capital expenditure | $81.6M | $81.6M | $86.3M | $67.7M | — | — | — | $115.2M | $97.4M | $102.9M |
| Investing cash flow | $7.5M | -$112.1M | -$120.8M | -$248.6M | -$62.2M | -$79.0M | -$65.7M | -$342.6M | -$181.9M | $72.4M |
| Financing cash flow | -$276.7M | -$150.7M | -$56.7M | $74.0M | $5.2M | $117.7M | -$39.4M | -$7.2M | -$85.4M | -$271.7M |
| Dividends paid | $98.3M | $25.6M | $31.9M | $6.4M | $119.0K | $25.6M | $102.1M | $102.7M | $100.5M | $100.8M |
| Buybacks | $37.1M | $26.0M | $2.4M | $12.3M | $0 | $10.0M | $42.8M | $32.2M | $0 | $7.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001298946-26-000013.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |